Minister Donohoe emphasises his concerns to Insurance Ireland regarding the response of the sector to date to the COVID-19 crisis
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Messages conveyed to Insurance Ireland members in the interest of customer fairness and the industry’s own reputation
The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, today (Friday) held a teleconference call with Insurance Ireland as a follow up to his letter of 27 March and previous statement. The Minister emphasised his concerns regarding the response of insurers to the Covid 19 crisis, the need for them to play their part in the recovery phase while ensuring a sufficient focus on the cost and supply of insurance by insurers.
Key points made by the Minister included:
Minister Donohoe said:
‘The main message that I wanted to convey to the insurance industry, through Insurance Ireland, is the need for the industry to help itself and do the right thing by customers during this time. I made it clear that failure to do so will be very damaging for the longer term reputation of the sector’.
“I also thanked Insurance Ireland for the agreement they facilitated last week on forbearance and closed premises, but I emphasized the need for insurers to deliver on it and for those that haven’t signed up to do so. In relation to the treatment of motor insurance policyholders, I pointed out that a combination of the very profitable part of this market over the last 12 months, when combined with what is likely to be a significant reduction in claims for this period, provides a strong case for some type of refund of consumers motor premium package. Finally, I indicated that the cost and supply of insurance remains a priority of mine and expect it will also be one for any new Government. It is essential that the industry fully engages with the reform agenda and does so in the interest of fairness for its customers and their own reputational credibility going forward.”
ENDS